Amazon stock hits $2K for first time

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Amazon stock rose above $2,000 for the first time in the company's history Aug. 30, reaching as high as $2,009.67, according to CNBC.

Shares of Amazon have risen by 70.9 percent in 2018, and Morgan Stanley analysts have set a 12-month target price of $2,500.

"We have increasing confidence that Amazon's rapidly growing, increasingly large, high margin revenue streams (advertising, AWS, subscriptions) will drive higher profitability and continued upward estimate revisions," said Morgan Stanley analyst Brian Nowak.

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